Lennox Australian Small Companies Fund
31 March 2024
Key Facts
| Index Used: | ASX Small Ordinaries Total Return Index | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Long - Small/Mid Cap - Australia | FUM (millions): | AU$ 219.84m |
| Investment Style: | Growth | Fund Inception Date: | April 2017 |
| Geographic Mandate: | Australia/NZ | Latest Return Date: | March 2024 |
| Investor Type: | Wholesale & Retail | Status: | Open |
| Minimum Investment: | AU$ 10,000 | Investment Frequency: | Daily |
Manager Details
Strategy Description
Fund Fees
| Management Fee: | 1.1% | Performance Fee: | 15% |
| Buy Spread: | 0.39% | Sell spread: | 0.39% |
| High Water Mark: | No | Hurdle: | S&P/ASX Small Ordinaries Accumulation Index |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Fidante Partners Limited |
| Administrator: | Fidante Partners Limited | Prime Broker: | N/A |
| Custodian: | Citibank | Legal: | Challenger Limited Legal Counsel |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Lennox Australian Small Companies Fund has a track record of 6 years and 11 months and has outperformed the ASX Small Ordinaries Total Return benchmark since inception in May 2017, providing investors with an annualised return of 10.43% compared with the benchmark's return of 6.91% over the same period.
The Manager has delivered these returns with 1.58% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.53 since inception. The fund has provided positive monthly returns 86% of the time in rising markets and 24% of the time during periods of market decline, contributing to an up-capture ratio since inception of 101% and a down-capture ratio of 92%.
The Lennox Australian Small Companies Fund rose by +2.29% in March, a difference of -2.5% compared with the ASX Small Ordinaries Total Return benchmark which rose by +4.79%. Over the past 12 months, the fund's best monthly return was +8.17% compared with the benchmark's best return of +7.23%, and its worst monthly return was -5.2% vs the benchmark's worst return over the same period of -5.45%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 1.59 | 6.28 | 2.29 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 10.44 |
| 2023 | 8.36 | -0.41 | -1.23 | 2.99 | -3.02 | 1.44 | 8.17 | 1.02 | -3.87 | -5.20 | 7.23 | 5.73 | 21.93 |
| 2022 | -9.46 | 0.91 | 0.35 | -3.03 | -6.21 | -11.06 | 9.43 | -0.34 | -9.21 | 6.71 | 1.67 | -3.46 | -23.09 |
| 2021 | 0.70 | 2.85 | -1.28 | 6.75 | -1.07 | 3.42 | -2.39 | 6.51 | 2.13 | -1.95 | -1.73 | 0.29 | 14.60 |
| 2020 | 3.33 | -5.05 | -28.55 | 20.04 | 8.53 | 1.32 | 4.46 | 12.56 | -0.70 | 0.75 | 5.53 | 1.35 | 16.42 |
| 2019 | 4.06 | 8.39 | 0.28 | 8.43 | -1.43 | -0.90 | 2.51 | -1.78 | 3.21 | 0.30 | -1.96 | -3.05 | 18.68 |
| 2018 | -0.09 | 0.48 | -1.33 | 1.09 | 7.02 | 1.26 | -0.17 | 1.92 | -1.26 | -7.84 | -0.65 | -4.07 | -4.24 |
| 2017 | NA | NA | NA | NA | 0.86 | 3.34 | 0.75 | 4.13 | 2.33 | 5.92 | 3.74 | 2.89 | 26.52 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +26.32% compared with the benchmark which has returned +13.83%, for a difference of +12.49%. Since inception in May 2017, the fund has returned +10.43% per annum, a difference of +3.52% relative to the benchmark which has returned +6.91% on an annualised basis over the same period.
Cumulative Returns
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $198. The same amount invested in the benchmark over the same period would have become $158.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 14.54% vs the index's 13.82%. The annualised volatility of the fund's returns since inception in May 2017 is 20.24% vs the index's 18.66%. Over all other periods, the fund's volatility relative to the benchmark has been varied.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 1.42 for performance over the most recent 12 months to a low of 0.25 over the latest 36 months, and is 0.53 for performance since inception. By contrast, the ASX Small Ordinaries Total Return Index's Sharpe for performance since May 2017 is 0.38.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in May 2017 in the months where the market was positive, the fund has provided positive returns 86% of the time, contributing to an up-capture ratio for returns since inception of 100.96%. Over all other periods, the fund's up-capture ratio has ranged from a high of 132.07% over the most recent 12 months to a low of 88.58% over the latest 36 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.
Performance in Negative Markets
Since inception in May 2017 in the months where the market was negative, the fund has provided positive returns 24% of the time, contributing to a down-capture ratio for returns since inception of 91.65%. Over all other periods, the fund's down-capture ratio has ranged from a high of 92.38% over the most recent 60 months to a low of 80.1% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 2.53 for performance over the most recent 12 months to a low of 0.23 over the latest 24 months, and is 0.6 for performance since inception. By contrast, the ASX Small Ordinaries Total Return Index's Sortino for performance since May 2017 is 0.38.
Drawdown
Over the past 12 months, the fund's largest drawdown was -8.87% vs the index's -10.46%, and since inception in May 2017 the fund's largest drawdown was -33.37% vs the index's maximum drawdown over the same period of -29.12%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Small/Mid Cap - Australia as of March 2024
The performance of the Lennox Australian Small Companies Fund ranked it in the first quintile for Total Return and Sortino and second quintile for Sharpe over 1 year.
Over the past 12 months, the fund has risen by +26.32% compared with the peer group which has returned an average of +14.72%, for a difference of +11.6%.
The fund's returns over the past 12 months have been achieved with a volatility of 14.54% vs the peer group's average volatility of 11.11%. The annualised volatility of the fund's returns since inception in May 2017 is 20.24% vs the peer group's 14.53%. Over all other periods, the fund's returns have been more volatile than the peer group.